Current Events > Tax billionaires. They can afford it.

(+) Yeah! (+)

EzeDoesIt posted...

You understand more than just billionaires are in the 1%, right? Way more, actually.

this has nothing to do with anything anyone is saying

the point is you can't bring up tax rates that existed back then without talking about deductions and loopholes that existed back then

shockthemonkey posted...

Imagine thinking an extra 6% of billionaires wealth is an insignificant amount of money.

we've never taxed wealth at any point in history, for good reason

Duncanwii posted...

Ban them from leaving the country. And if they try throw them in prison and strip them of their money.

Yeah this will work
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BadderHare posted...

this has nothing to do with anything anyone is saying

the point is you can't bring up tax rates that existed back then without talking about deductions and loopholes that existed back then

The article you linked is talking about the 1%, not billionaires.

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EzeDoesIt posted...

The article you linked is talking about the 1%, not billionaires.

...ok?

BadderHare posted...

...ok?

Reread the topic title.

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The feds collected more taxes this year than ever before in history, and yet the deficit only climbed. More taxes is not the answer.

Before traitor republicans killed the middle class by lowering taxes billionaires were paying tax at a 70% rate we had very little poor and a booming middle class Republicans are traitors

Balrog0 posted...

lmao

Clinton raised taxes and cut spending, what are you talking about

What!? He actually RAISED taxes and CUT spending? The opposite of what all of our "fiscally minded" Republicans do!? Boy, he must have had a HUGE deficit when he left offi-oh wait. Oh.

Well, when the Republicans got back in office with W, I'm sure they were able to maintain that great momentum of our surplus and not immediately tank it back into-oh. Oh.

Well when Obama came in and inherited a HUGE deficit I'm sure there's no way those dumb dems could do anything to turn it arou- oh. Oh.

Oh well now we have TRUMP! The BUSINESS MAN! He'll sort all of this out no prob- oh. Oh.

But.....he's a business man. Successful, right? I mean, he owned a casino and they're basically a license to print mone-oh. Oh.

Oh wait, but Trump Universit-oh.

Hmmm. Something doesn't add up, but I just can't quite put my finger on it.

Yeah, but keep spinning that narrative that repubs have any interest in stabilizing the country's finances. The rest of us will be over here, in Reality Land.

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Maybe we need a better justification for throwing taxes around than "because we can", you know?

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shockthemonkey posted...

My bad, but I think you know what I meant

I mean yeah someone like Warren Buffett would have paid a tiny bit more of his $10 million income back then. We should repeal a lot of these income tax cuts but lets be honest about how much that would actually bring in.

EzeDoesIt posted...

Reread the topic title.

Read the fucking discussion we are having jesus christ.

EvenSpoonier posted...

Maybe we need a better justification for throwing taxes around than "because we can", you know?

Support more taxes on other people IMO

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Tax them 100% so they are homeless.

thatll teach them

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Purely posted...

The feds collected more taxes this year than ever before in history, and yet the deficit only climbed. More taxes is not the answer.

Exactly.

spending is out of control

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EvenSpoonier posted...

Maybe we need a better justification for throwing taxes around than "because we can", you know?

taxes pay for goods and services

Purely posted...

The feds collected more taxes this year than ever before in history, and yet the deficit only climbed. More taxes is not the answer.

if you adjust for inflation tax collection fell 1.5%

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Balrog0 posted...

if you adjust for inflation tax collection fell 1.5%

just to put numbers to it:

https://www.cbo.gov/system/files/2018-11/54647-MBR.pdf
https://www.cbo.gov/system/files/2019-07/CBO-55415-MBR.pdf

Total Receipts: Up by Less Than 1 Percent in Fiscal Year 2018
Total Receipts: Up by 3 Percent in the First Nine Months of Fiscal Year 2019

Prior to the tax cut, taxes were rising relative to inflation every year.

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Eh, shouldn't punish the successful people.

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Knowledge_King posted...

Eh, shouldn't punish the successful people.

taxes =/= punishment

also, billionaires shouldnt punish the working people, yet many of them do

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Shablagoo posted...

taxes =/= punishment

I disagree.

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Knowledge_King posted...

I disagree.

Its a punishment to have roads, schools, hospitals, etc.?

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Knowledge_King posted...

I disagree.

Then move to some place where there are no taxes.

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^

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hockeybub89 posted...

Then move to some place where there are no taxes.

That doesn't exist.

Shablagoo posted...

Its a punishment to have roads, schools, hospitals, etc.?

No the punishment is that these things still suck despite the crazy amounts of money being collected because the gov't purposely hemorrhages money.

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Knowledge_King posted...

That doesn't exist.

No the punishment is that these things still suck despite the crazy amounts of money being collected because the gov't purposely hemorrhages money.

But surely that isnt an argument against taxes in principle. Governmental misallocation of funds/incompetence is an issue though.

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Before we talk about raising taxes on anyway, I feel like the more important conversation is can congress and the president actually have a fiscally responsible budget that doesn't cripple us with debt?

There hasn't been a president and congress combo in the past 30 years that has done a good job here. There have been brief moments where it's worked, but those were fleeting. Since 2000 it's gotten completely out of hand.

Taxing the rich more and giving it to people who have 0 concept of fiscal responsibility seems like asking the wolf to guard the hen house.

dumbasses will continue to live on the dream that if hey just work a little harder, a little smarter, a little more tenaciously, then they will be in that club

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mybbqrules posted...

Well when Obama came in and inherited a HUGE deficit I'm sure there's no way those dumb dems could do anything to turn it arou- oh. Oh.

not even remotely close to true. Our deficient grew under Obama. I have no idea what nonsense democrats are talking about that they can honestly say our deficient didn't grow during Obama.

Our deficient has been growing at an alarming rate since 2000.

*deficit

deficient is an adjective

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Shablagoo posted...

*deficit

deficient is an adjective

lol oops. brain fart

yup sorry had to correct, it was tickling my brain lol

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Shablagoo posted...

yup sorry had to correct, it was tickling my brain lol

fair enough. Brain fart from lack of sleep. I should go to bed lol

kayoticdreamz posted...

not even remotely close to true. Our deficit grew under Obama. I have no idea what nonsense democrats are talking about that they can honestly say our deficit didn't grow during Obama.

Now this is some good historical negationism! Obama inherited a massive deficit due to the economic crisis, revenues plummeted due to the recession while the bailouts passed by the Bush administration counted as spending during his term. Only at one point, 2010-11 did the deficit actually increase under Obama, after that it steadily declined. He inherited a deficit that was at 10% of GDP and left office with a deficit below 3% of GDP. Trump has doubled it in less than four years, with no recession.

Shablagoo posted...

But surely that isnt an argument against taxes in principle. Governmental misallocation of funds/incompetence is an issue though.

Another issue is how much of a difference it is between being taxed while rich and while not. Normal person pays a thousand at most or gets money back. Rich person/billionare is paying millions. That's enough to fund several businesses or put kids through college, and just generally obscene amounts of money (assuming they start getting taxed the way people want).

If normal people hit hard times, unemployment and welfare get them somewhat close to their normal lifestyle. Or at least much, much closer than a former billionaire does. Which is unfair IMO. You should be able to reclaim some of the taxes you paid in my mind.

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Knowledge_King posted...

Another issue is how much of a difference it is between being taxed while rich and while not. Normal person pays a thousand at most or gets money back. Rich person/billionare is paying millions. That's enough to fund several businesses or put kids through college, and just generally obscene amounts of money (assuming they start getting taxed the way people want).

If normal people hit hard times, unemployment and welfare get them somewhat close to their normal lifestyle. Or at least much, much closer than a former billionaire does. Which is unfair IMO. You should be able to reclaim some of the taxes you paid in my mind.

Wut

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Knowledge_King posted...

Another issue is how much of a difference it is between being taxed while rich and while not. Normal person pays a thousand at most or gets money back. Rich person/billionare is paying millions. That's enough to fund several businesses or put kids through college, and just generally obscene amounts of money (assuming they start getting taxed the way people want).

If normal people hit hard times, unemployment and welfare get them somewhat close to their normal lifestyle. Or at least much, much closer than a former billionaire does. Which is unfair IMO. You should be able to reclaim some of the taxes you paid in my mind.

https://giphy.com/gifs/trump-advisor-Yc8Vb9KRvExa

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Solar_Crimson posted...

As much as I agree that billionaires should be taxed more (since taxes should be proportional to an individual's wealth), there's also the real possibility of them picking up shop and settling in some other country with more lax tax laws if we try to implement this.

They stayed here up until 1982 when the tax code changed.

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Republican economics:
The rich will work harder if we give them more and the poor will work harder if we give them less.

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Tyranthraxus posted...

Republican economics:
The rich will work harder if we give them more and the poor will work harder if we give them less.

Tax billionaires?? They cant afford it!! I know who can though the poor!

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